Applications for new mortgages saw a 1.1% drop for the week ending September 24th according to a report from the Mortgage Bankers Association. Specifically, purchase mortgage applications dropped 1.2% while the refinance application volume dropped 0.9%. Mortgage rates were up slightly in this same period causing buyers and home owners looking to refi to consider waiting for the rates to fall again.
- The FHA share of total application volume fell from 11.5% to 10.4% this past week.
- The VA share of total application volume fell from 10.4% to 10.2% this past week.
